Nigeria: Rep justifies zero allocation to SEC

MINORITY Whip of House of Representatives, Mr. Samson Osagie, has justified the decision of the House not to allocate fund for the running of Security and Exchange Commission, SEC, in the 2013 federal budget, insisting that it was done in accordance with the law.

He added that the legislators would be more vigilant in their oversight functions with regards to the powers of the executive this year to ensure the enthronement of good governance.

Osagie, who fielded questions from newsmen in Benin, Edo State, yesterday, said the decision of the House to allocate zero allocation to SEC was reached after the executive ignored its motion, urging it to relieve the commissionâ€™s Director-General, Ms. Aruma Oteh, of her appointment.

He said: â€œThe decision of the National Assembly was one of consensus. The House had since passed a motion, urging the President to relieve Ms Oteh of her appointment. She was not qualified in the first place and she has been having a running battle with staff of the commission.â€

He added that the Act which established SEC stated that the Director-General must possess 10 years experience in the stock market, explaining that she had no experience and was appointed based on paper qualification.

â€œAlso, her attitude before the House Committee on Capital Market fell below standard, irrespective on how people see it. Again, our members, whom she accused of corruption are now before the law enforcement agents,â€ he added.

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